Guggenheim downgraded shares of Spotify (NASDAQ:SPOT) from a buy rating to a neutral rating in a research report report published on Monday morning, MarketBeat reports. The brokerage currently has $120.00 price target on the stock, down from their prior price target of $190.00.
A number of other brokerages have also commented on SPOT. Barclays lowered their price objective on Spotify from $210.00 to $200.00 and set an overweight rating on the stock in a report on Friday, November 2nd. Redburn Partners raised Spotify to a buy rating in a report on Monday, October 15th. Cfra reissued a buy rating and set a $245.00 price objective on shares of Spotify in a report on Wednesday, September 19th. UBS Group raised Spotify from a neutral rating to a buy rating in a report on Monday, October 15th. Finally, Canaccord Genuity lowered their price objective on Spotify from $220.00 to $200.00 and set a buy rating on the stock in a report on Friday, November 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. Spotify currently has a consensus rating of Buy and a consensus price target of $192.07.
Shares of SPOT stock opened at $122.69 on Monday. Spotify has a fifty-two week low of $103.29 and a fifty-two week high of $198.99.
Spotify (NASDAQ:SPOT) last issued its earnings results on Thursday, November 1st. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of ($0.51) by $0.74. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. The firm’s quarterly revenue was up 31.0% on a year-over-year basis.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tower View Investment Management & Research LLC grew its holdings in Spotify by 4.0% in the 4th quarter. Tower View Investment Management & Research LLC now owns 4,121 shares of the company’s stock valued at $468,000 after buying an additional 160 shares during the last quarter. Belpointe Asset Management LLC lifted its position in shares of Spotify by 30.2% in the 3rd quarter. Belpointe Asset Management LLC now owns 1,627 shares of the company’s stock worth $294,000 after acquiring an additional 377 shares during the period. Avitas Wealth Management LLC lifted its position in shares of Spotify by 9.1% in the 3rd quarter. Avitas Wealth Management LLC now owns 3,084 shares of the company’s stock worth $558,000 after acquiring an additional 257 shares during the period. Rehmann Capital Advisory Group bought a new stake in shares of Spotify in the 3rd quarter worth approximately $176,000. Finally, Marshall Wace North America L.P. lifted its position in shares of Spotify by 120.5% in the 3rd quarter. Marshall Wace North America L.P. now owns 36,143 shares of the company’s stock worth $6,536,000 after acquiring an additional 19,749 shares during the period.
Spotify Technology SA is an innovative digital music service offering music fans instant access to a world of music. The company enables on-demand streaming of audio content and aim to combat music piracy by offering a user experience, while monetizing licensed content with both an ad-supported, free-to-the-user model and a premium, paid model.
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